World News

JUST IN: Again, Nigeria inflation declines

Kirk Peterson

May 19, 2017

And the number of people in work rose by a strong 122,000 - the biggest increase since before the European Union referendum past year - taking the employment rate to a new record of 74.8 percent, the Office for National Statistics said.

It said the jobless rate dropped to 4.6 percent in line with the calculation criteria set by the International Labor Organization (ILO), marking the lowest level in nearly 42 years.

Consumer prices increased in April by 2.7 percent compared with a year earlier, the Office for National Statistics said, slightly above economists' expectation for a 2.6 percent annual rise in a Reuters poll.

"Without higher wage growth, real earnings will continue to fall for the next two years, weighing on consumer spending and thus GDP growth", said Christian Schulz at Citi.

He added: "Wage data are due later this week and are expected to show that real wage growth has turned negative in the first months of 2017".

Food prices also became more expensive in April, rising 0.2% month-on-month after coming in flat past year.

It said: "The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.79 per cent in March to 18.98 per cent in April".

Employers expect median pay to increase just 1 pre cent in the 12 months to March 2018, a CIPD/Adecco Group survey shows, down from an increase of 1.5 per cent expected in the previous survey three months ago.

United Kingdom consumer inflation climbed more than expected last month amid the sharp fall in the value of the Pound caused by Britain's decision to leave the European Union. "This view was reflected in last week's interest rate decision as well as the Bank's quarterly inflation report".

Excluding bonuses, wages rose by 2.1% in the three months to March, missing forecasts for it remain in line with February's 2.2% advance. While wage growth is weak, there are other signs of continued strength in the British labour market. But the combination of sterling's fall and higher oil prices are pushing up inflation across the board for consumers and businesses.

After 15 months on the rise, the consumer price index (CPI) which measures inflation rate in the Nigerian economy has been on the decline, dropping for the third consecutive month.

The fall in unemployment takes the jobless rate closer to the 4.5% that the BOE estimates is the level that can be sustained without generating inflation.

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The banks are closed and so are the cocoa buying businesses", a local businessman said. "We just want our money". Embassy, while in Bouake, at least one major entrance into the city has been barred by soldiers.

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